Article 5 Transfer of property

(1)

All the property, rights and liabilities to which LBRO is entitled or subject immediately before the dissolution date become on that date property, rights and liabilities of the Secretary of State.

(2)

Paragraph (1) operates in relation to property, rights and liabilities—

(a)

whether or not they would otherwise be capable of being transferred;

(b)

without any instrument or other formality being required; and

(c)

despite any provision (of whatever nature) which would otherwise prevent, penalise or restrict their transfer.